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We have this! If a user is submitting an event, they will see this on the submission tool.

If they click "Find location" it will actually search the business directory (featured listings showing first):

When they select a business, they can change the information (like, instead of saying "The Hilton" it can say "The Red Room at The Hilton"). But, it would then link to the business as the related venue of the event.

The business information and link to profile page would be maintained from the event page, and a link to the event would also be created on the business page.